EXHIBIT 23.1


                         CONSENT OF INDEPENDENT AUDITORS



The Board of Directors
Golden Cycle Gold Corporation:


We consent to the incorporation by reference in the registration statements (No.
33-47877 and 333-12245) on Form S-3 and (Nos. 33-62952 and 333-26975) on Form
S-8 of Golden Cycle Gold Corporation of our report dated March 21, 2003, with
respect to the consolidated balance sheets of Golden Cycle Gold Corporation and
subsidiaries as of December 31, 2002 and 2001, and the related consolidated
statements of operations, stockholders' equity and cash flows, for each of the
years in the three-year period ended December 31, 2002, which report appears in
the December 31, 2002, annual report on Form 10-K of Golden Cycle Gold
Corporation.


/s/  KPMG LLP


Denver, Colorado
April 11, 2003